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St. Louis Retail: Leasing, Development Activity Heats Up

Consumers are loosening their wallets in St. Louis, and the thaw in spending has given the local retail market a much-needed shot of adrenaline. The discount retailer is still king, but new concepts and developments are gaining ground. With positive absorption of space on the rise, investment sales are increasing.

St. Louis is poised to see a major development in the central trade area at the former Hadley Township site. After several failed attempts at development in the past 10 years, Hadley seems destined for redevelopment at last. The 40-acre site is located on I-64 in the central suburb of Richmond Heights and will consist of an assemblage of 150-plus commercial and residential parcels.

In the southern half of the development, Menards was selected by the city over Costco and will open one of its first St. Louis locations in early 2014. The site plan includes a 240,000-square-foot store with additional out parcels for retail and restaurant users.

In the northern half, Pace Properties has received approval to develop a two-story, 400,000-square-foot, big-box store for an as yet unnamed retailer. This development will further enhance the desirability of the Richmond Heights/Brentwood area as a retail destination and will boost asking rents in the vicinity.

In Chesterfield Valley, located in the west trade area, competition is brewing between two outlet mall developers. T-O Ventures LLC and Simon Properties Group/Woodmont Outlets are vying to build competing 400,000-square-foot outlet centers.

The centers would be approximately 3.5 miles apart. Simon Properties has already announced the signing of its anchor tenant, Saks Fifth Avenue’s OFF Fifth, which would be the first Missouri location for the retailer. T-O Ventures has declined to name tenants, but has moved forward with the groundbreaking. While both sides concede that only one center will be built, neither side is backing down.

Other developments in the planning stage include proposed Walmart stores in Ellisville, Shrewsbury and Florissant; a Sam’s Club in Glen Carbon; the Lindenwood Town Center in St. Charles anchored by a Schnucks supermarket; and a mixed-use redevelopment of the 122-acre Northwest Plaza site in St. Ann.

National Retailers Expand, Investments Take Off

The St. Louis market suffered through high vacancies and lower rents during the recession years of 2008-2010, a time when many retailers such as Ultimate Electronics, Borders and Linens ‘N Things vacated mid-box spaces.

However, we are starting to see a light at the end of the tunnel. In a promising indicator of recovery, several national retailers are entering the market including hhgregg, Nordstrom Rack, Ross Dress for Less, Five Below, buybuyBABY, Savers and Menards.

Read more at www.heartlandredbusiness.com

Carl Conceller, SIOR and Stephen Gwinnup, CCIM of NAI DESCO represented the seller, Fifth Third Bank, in the sale of seven residential condominiums at 652 Emerson in Creve Coeur to CJS Investments.

Josh Hibbits of NAI DESCO represented Family Dollar in the lease of 15,000 square feet of retail space at 11200 W Florissant Ave in Florissant from BRE Retail Residuel MO Owner LLC.

David Wittenauer, CCIM of NAI DESCO represented the landlord of 6697 Center Grove Rd in Edwardsville, IL in the lease of 3,627 square feet of retail space to New Cingular Wireless PCS.

Josh Hibbits of NAI DESCO represented The Pita Pit in the lease of 1,200 square feet of retail space at 215 Harvard Dr in Edwardsville, IL from Edwardsville Crossing LLC.

Josh Hibbits and David Wittenauer, CCIM of NAI DESCO represented the landlord of 1938 W Morton in Jacksonville, IL in the lease of 1,805 square feet of retail space to Game Stop Inc.